European insurers avoid credit crisis
European insurers have escaped the worst of the global credit market turmoil, according to a new Moody’s Investors Service report.
The ratings agency says the industry has had limited rating impact in the first half thanks to insurers’ increasingly conservative investment strategies.
Report author and Moody’s analyst David Masters says the industry has once again reported good underlying results in the first half.
“In particular property and casualty underwriting conditions have been typically more benign than in the same period last year, which had been affected by a number of weather-related catastrophic events,” he said.
Moody’s notes that while insurers have been able to restore and improve their balance sheet strength, the recent economic turmoil has in a number of cases resulted in capital repatriation plans being placed on hold or abandoned.
The ratings agency says the industry has had limited rating impact in the first half thanks to insurers’ increasingly conservative investment strategies.
Report author and Moody’s analyst David Masters says the industry has once again reported good underlying results in the first half.
“In particular property and casualty underwriting conditions have been typically more benign than in the same period last year, which had been affected by a number of weather-related catastrophic events,” he said.
Moody’s notes that while insurers have been able to restore and improve their balance sheet strength, the recent economic turmoil has in a number of cases resulted in capital repatriation plans being placed on hold or abandoned.